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Classic Fund Management
Aktiengesellschaft cuts stake in CC
A major shareholder of Circuit City Stores Inc. has cut its
holdings in the nation's No. 2 consumer electronics retailer,
according to a regulatory filing on Thursday.
Classic Fund Management Aktiengesellschaft, a
Liechtenstein-based asset management company, lowered its stake to
8.2 million shares, or about 4.8 percent, from 9.5 million shares,
or about 5.6 percent, according to documents filed with the
Securities and Exchange Commission.
It did not disclose a reason for the change.
Circuit City's shares fell a penny to 28 cents in midday trading
Thursday and have traded between 17 cents and $8.24 in the last 52
weeks.
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From an article:
Last week, The Wall Street Journal said Circuit City was
considering closing at least 150 locations and slashing thousands
of jobs to avert filing for Chapter 11 bankruptcy protection,
citing "several people familiar with the matter."
Closing dozens of stores would allow the retailer to liquidate
$350 million in inventory that could be used to pay real-estate
costs, including leases on abandoned sites.
The Richmond, Va.-based company did not comment on the
report.
Circuit City, which is in the midst of a comprehensive review as
it works to operate as a standalone business while exploring
strategic alternatives, has had only one profitable quarter in the
past year. It posted a wider second-quarter loss last month with a
13.3 percent decline in same-store sales.
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Author:
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Reggie
Abaca
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Subject:
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Market Makers
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Sentiment:
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Neutral
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Date:
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10/30/08 at 1:40 PM CDT
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